The wholesale car market isn’t done dealing with tariffs, but it appears some of the sharpest impacts have passed.

Analyses of monthly used-car price indices addressed those patterns and impacts, while also forecasting what could be in store for wholesale values over the summer.

Cox Automotive’s Manheim Used Vehicle Value Index came in at 205.2 for May, which beat year-ago figures by 4% and was off 1.4% from April, when adjusting for mix, mileage and seasonality.

Unadjusted, wholesale values were down 1.5% month-over-month and still up 4% year-over-year.

“The seasonal adjustment slightly lowered the decline seen in the month, as non-seasonally adjusted values fell more than usual following the strong increase in April related to the tariff announcement,” Cox Automotive explained in its analysis.

Jeremy Robb, Cox Automotive senior director of economic and industry insights, added: “Wholesale appreciation trends were remarkably strong in April, but the market gave some of that strength back in May, though values remain well above last year’s levels.

“Weekly wholesale depreciation trends were stronger than usual in the middle of the month but slowed down in the last week of May, with values aligning with the long-term run rates.”

He also pointed that both retail and wholesale days’ supply is tight, with each down 5%.

“While the market continues to digest the impact of tariffs, we could see a bit higher levels of wholesale depreciation over the summer,” Robb said. “However, lower inventory levels may counterbalance those more aggressive depreciation trends in the coming months.”

Over at Black Book, its Used Vehicle Retention Index came in at 149.4 for May, which was up 0.1% month-over-month and 0.5% year-over-year.

“The market exceeded traditional seasonal expectations once again last month, with the Index reporting another increase from the previous month,” Black Book vice president of data and analytics Laura Wehunt said in an analysis.

“Speculation about the impact of tariffs created a frenzy among used market buyers in April and May, but buying activity began to taper off by the end of the month,” she said. “As we move into June, the market appears to be stabilizing, aligning with more typical seasonal patterns.”